Why Every Homeowner Should Consider Flood Insurance

July 28, 2015

Even if you don’t live in an official hazard zone.

Flood Insurance

If you’re a homeowner or are looking to buy a home, you may not think purchasing flood insurance is necessary outside of a flood zone. You’ve looked at flood maps and have been told you live in a low risk area. But no home is immune to the flood damage.

A low risk area doesn’t mean no risk. Flash floods, snow melt, and winter storms can all contribute to flooding. According to floodsmart.gov, moderate-to-low risk areas submit over 20% of flood insurance claims and receive 1/3 of disaster assistance for flooding from the NFIP.

Also, while flood maps are useful, they don’t always have the most accurate information. A flood map can change over time, and you might not be viewing the most up-to-date information. Your home may not have been prone to flooding when you bought it, but it could become more vulnerable over time.

Home Insurance Differs From Flood Insurance

Flooding is one of the most common natural disasters in the United States. Unfortunately, many families are shocked to experience flooding in their home outside of a flood zone.

And to top it off, after the damage is already done, they realize that their homeowners insurance plan doesn’t cover the damage.

Just look at those individuals who were affected by Hurricane Irene in 2011 or Superstorm Sandy in 2012. Many of those homeowners didn’t think that they lived in an area that could experience flooding, and now they’re facing the consequences of not having flood insurance.

What Does Flood Insurance Cover?

When purchasing your flood insurance, you’ll need to go through the National Flood Insurance Program. This program will help protect homeowners with structural and contents coverage.

  • Structural will cover damages caused to your home, building, foundation, electrical system, central air conditioning, plumbing, carpeting, furnace, water heater, refrigerator, stove, or any other built in appliances.
  • Contents will cover damages caused to your possessions, such as clothing, furniture, electronic equipment, washers and dryers, or any other high value items.

Unlike most policies, a flood insurance policy will need at least thirty days to go into effect, so the sooner you purchase flood insurance, the safer you’ll be.

If you would like to know more about flood insurance contact Guffey Insurance today — we’ll help you get the protection you need.

Photo Credit: CC Image Courtesy of DVIDSHUB